Business Retention and Development Committee Agenda and Packet 2015 10 05

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City„ Louisville COLORADO • SINCE 1878 BUSINESS RETENTION AND DEVELOPMENT COMMITTEE SUBJECT: DATE: ECONOMIC DEVELOPMENT UPDATE OCTOBER 5, 2015 PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT 550 S. McCaslin Urban Renewal — The City Council approved the Urban Renewal Plan for 550 S. McCaslin Boulevard. The LRC will begin implementation of the Plan. They first met on September 15 to discuss actions moving forward. The upcoming steps are: • Develop and approve a project description The project description will summarize a desired project or projects that meet the objectives of the Plan. For a redevelopment project, the LRC, as an initial step, will develop and approve a project description. The project description will summarize a desired project or projects that meet the objectives of the Plan. • Issue an RFP to solicit proposals for redevelopment An RFP is developed to obtain information from any interested parties including the property owner, interested retailers and /or developers for projects that meet the project description. An RFP would ask for proposals specifying: + Improvements planned for the site + Proposed uses and activities + Time frames for completing the proposed redevelopment actions + Requested City /LRC assistance, if any, such as sales tax rebates + How costs (including potential legal costs) would be financed • Negotiate a proposed redevelopment agreement and submit the proposed redevelopment agreement to City Council for approval Once a preferred proposal is chosen, a redevelopment agreement among all needed parties will be prepared. Redevelopment agreements may include contractual provisions intended to carry out the community's objectives in adopting the plan. For example, a redevelopment agreement can establish land use restrictions and covenants; set timelines and deadlines for the commencement or completion of a project or project improvements; establish operating requirements for uses; establish arrangements for acquisition and disposition of property in the area, and detail financial agreements for project costs. • Use the power to acquire property by purchase through eminent domain as authorized by the Urban Renewal Law to alleviate the qualifying conditions.